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Lehman Brothers may temporarily stop lending

Lehman Brothers is considering suspending lending at its two UK mortgage lending divisions Southern Pacific Mortgage Limited and Preferred Mortgages.

Rumours were rife this morning among packagers that Lehmans was looking to suspend lending and a source close to the firm confirmed that this was one of the options it was considering.

No further information was available as to whether it would honour pipeline cases or when the suspension would take place.

But one packager told Lending Strategy that if Lehmans did consider suspending lending it would put the remaining lenders doing volume sub-prime – such as BM Solutions, Future Mortgages and GE Money Home Lending – under further pressure.

He says: “There are a mass of sub-prime and near prime applications out there looking for a place to port. Any lender that falls by the way side puts the remaining firms still doing the business under increasing pressure.”


FSF calls for changes to the financial system

The Financial Stability Forum is calling for changes to be made to the financial system in order to address the current market downturn.While no alterations have been decided or announced the coalition of countries including the UK, US, Canada, Italy, France, Germany, Japan and Switzerland, are considering the suspension of capital requirements and the public […]

KRS and Teachers become partners

Teachers has entered the equity re-lease market via a partnership with Key Retirement Solutions.The mutual, which provides mortgages to employees in the education sector, says the partnership will mean it will refer clients to KRS.James Bawa, chief executive of Teachers, says: “We strive to offer our members a competitive range of products along with top […]

Primrose Associates becomes Paradigm partner

Primrose Associates has become the latest firm to sign up as partner members of Paradigm Mortgage Services, the mortgage partnership proposition.Based in the City in London, Primrose Associates has nine financial advisers offering a range of products and services covering mortgages, investments and savings, estate planning, and insurance.By joining Paradigm, Primrose will have access to […]

Name that lives on for wrong reasons

The infamous Peter Rachman bequeathed his name to the language thanks to his exploitation of immigrant tenants in the 1950s and involvement in the Profumo scandal, says Simon White

Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]


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